You have given it some serious considerations and now you have decided that you want to trade forex. So, the next step will be to open an account and start trading. For those of you who are always on the go, it will definitely be more convenient for you to do your trades via a mobile app.
Now, the problem comes. We know there are a lot of good forex trading desktop platforms out there, but what about forex trading apps? Which forex trading app is the best? And, most importantly, which of them are available in Malaysia?
Things to consider
There are many options to choose from when it comes to forex trading apps that are available to us in Malaysia. So, how to know which one is the most suitable option for us? There are a few things that we need to consider before we can decide which forex trading app is best for us:
1) Complete functionality
This is one of the main problems with using mobile trading apps. It will not be able to carry the full functionality of using a desktop platform due to its limitations. Hence when considering which mobile trading app to use, you should opt for one that carries the most comprehensive functionalities compared to that offered by their desktop versions.
Although charts on a mobile device are almost certainly less customisable, these apps should at least include some of the more common indicators and timeframes. It is even better if the apps allow advanced orders such as trailing stops, good-till orders and guaranteed stop losses in addition to the basic buy/sell orders.
2) Execution speed
A fast execution speed is very important especially when it comes to trading forex. You will not want to miss out on a bid due to slow speed. Although execution speed still greatly relies on the mobile device’s internet connection, the app itself must be equivalent to its desktop version when it comes to execution speed.
Unfortunately, this is also another problem of using a mobile device to trade. Even though it can allow you to trade on the go, it will first require your mobile device to have a stable internet connection. No matter how fast the execution speed is, if you lose internet connection, you still will not be able to perform any trade.
3) Stability of the app
Other than speed and functionality, the stability of the app is also an essential feature to be taken into consideration. It could jeopardise your trade if the app crashes or stops responding while your trades are open. It may even cause you to lose money when the market starts trending downwards while you are trying to revive your app.
Hence, in order to prevent such undesirable situation, try to look for a trading app that is renowned for its stability. Read the reviews and do some test runs before you start investing in full.
Forex trading apps in Malaysia
Now that we know what to consider, without further ado, let us look at the forex trading apps we can use in Malaysia:
XM (Website)
Founded in 2009, XM is globally renowned as one of the largest international investment firms and it has a large client base. By using its app, XM, you can trade the international markets from one login. The app also allows its users to trade XM’s full range of trading instruments.
XM’s app has great execution speed where most of the trades can be executed in less than a second with a 100% execution rate and no re-requotes or rejections of orders. If it is your first time setting up a trading account, you can do it directly on the app without having to use a computer.
Features:
- No deposit or commission fee.
- Spreads are as low as 1.6 pips.
- The minimum initial deposit is US$5 – US$100 depending on the account you opt for.
- Licensed by ASIC (Tier 1), CySEC (Tier 2), DFSA (Tier 2) and IFSC (Tier 3).
- Uses MetaTrader 4 & 5, Mobile and XM WebTrader accessible with internet browsers.
- Offers 24/5 support in over 30 languages by live chat, email and phone call.
- Offers video tutorials, daily technical analysis, forex market research, and daily forex webinars and market outlook.
Pros:
- It is a well-regulated broker.
- Its app allows fast and free withdrawals.
- It also provides comprehensive education, which is great for beginners.
Cons:
- XM is a dealing desk forex broker.
Download:
You can download XM’s forex trading app here: Android | iOS
FXTM (Website)
FXTM was founded in 2019 and has a worldwide reputation as an award-winning forex broker. Its mobile trading app, FXTM Trader, allows you access to over 250 financial instruments including forex, gold and silver, commodities and stock indices. It is available on both iOS and Android.
As the user of FXTM’s trading app, it will only take you seconds to manage your trading accounts, supervise your automated FXTM Invest account, open and close your positions, as well as get updated currency rates live.
The app also allows copy-trading where you, as an investor, can choose to follow strategies that are suitable for you and receive a portion of the profits. If you are a Strategy Manager, you can use this function available to you to earn extra profits when you generate profits for your investors.
Features:
- No deposit or commission fee.
- The lowest spread is 0.1pip while no spread floating account is available as well.
- The minimum initial deposit is US$1 to US$25,000 depending on the account chosen.
- Licensed by FCA (Tier 1), CySEC (Tier 2) and IFSC (Tier 3).
- Uses MetaTrader 4/5, Web Platform, Mobile Trading.
- Provides 24/7 support to traders via email and live chat.
- Market analytics, various trader tools and education classes such as live lessons with professionals are provided.
Pros:
- Its app, XM, is the winner of World Finance Best Trading Experience 2020
- Fast access is also available via either a 4-digit PIN or fingerprint access.
- You will not be charged any deposit or commission fee.
- It is very well-regulated.
- It also offers copy-trading and good education, which is excellent for beginners.
Cons:
- Withdrawals could be quite costly.
Download:
You can download FXTM’s forex trading app here: Android | iOS
OctaFX (Website)
Started in 2011, OctaFX is part of a group of global entities, which consists of Octa Markets Incorporated and Octa Markets Cyprus Ltd. Its trading app is available on both iOS and Android as OctaFX cTrader which allows its users to buy and sell global assets on forex, metals, oil, indices, stocks and ETFs.
Since the app also allows copy-trading, you can choose from a list of Master Traders to compare the commission amount, their gain and number of followers before you start copying their trades automatically.
You can find many detailed statistics that you need on their trading performances. These statistics include the capital used, realised profit, floating profit, percentage gain and a breakdown of the Master Trader’s investment successes.
Features:
- No deposit or commission fee.
- Spreads are as low as 0.6 pips.
- The minimum initial deposit is US$25.
- Licensed by CySEC (Tier 2)
- Uses MetaTrader and cTrader platforms which are accessible via web, desktop, Android and iOS.
- Offers 24/7 customer support via live chat and email.
- Provides analytics on market info, forex news, education classes on forex basics as well as video tutorials and webinars.
Pros:
- The platform is direct processing and no dealing desk.
- The app has one-click trading (QuickTrade Mode) and responsive charts
- It also includes a Market Sentiment Indicator to show how other people are trading.
Cons
- The account types are restrictive.
- The education provided is not as good as other platforms.
Download:
You can download OctaFX’s forex trading app here: Android | iOS